CNN Student News Learning Activity: Tracking Your Income

(CNN Student News) -- Students will learn about the importance of monitoring their money and setting up personal budgets.

Procedure

Point out that some people don't know where to start when it comes to creating a budget or personal financial plan because they don't keep track of their income and expenses. Instruct each student to keep a two-week "money diary" of his or her income (generated from jobs, allowances, etc.) and expenses (for essential and non-essential items). Direct students to list their income and expenses on a daily basis. Then, at the end of the two-week period, have them add up their total income and expenses. After students share their experiences, ask:

Did your expenses outweigh your income?

Were any of your expenses frivolous?

Is there a portion of your income that could be set aside for savings or investment?